Need comprehensive health cover - maybe through Ltd?

[Mr.Whippy]

Hmm, well I've investigated further and have found that these Income Protection policies do not pay out if you're inbetween contracts and not paying yourself a salary.

As was said earlier in the thread that's not covered on the standard T's & C's, but they will do it for an increase in premium.

Just curious, but why don't you pay yourself a salary between contracts?

[contractor79]

Just curious, but why don't you pay yourself a salary between contracts?

Partly as my accountant advised so, partly as I don't want to exhaust my company account in this way. Plus when I suggested this to a few insurers they said no if you're not actually working then you can't claim.

I suggest an alternative way to insure oneself is as follows : take out critical illness and then take out personal accident insurances. Also you can get short term sickness insurance - I got mine from caunce o hara which pays out if you're sick for more than a week up to 52 weeks. This should cover you as an alternative to Income Protection which does seem like a complicated product with may disappoint.

[NotAllThere]

With most policies your company can pay them but they will be a benefit in kind. In those cases it's often easier to just pay them personally.

There are some policies I've heard of that can be paid without a BIK, but an IFA would be able to advise on them further.

AIUI - and IANAA... If you have a policy to protect your earnings, then if the company pays the premiums, there is BIK. Claims paid out on the policy are tax free. If the company has a policy protecting itself against your illness, then there is no BIK. Claims are paid out to the company, so to get you mitts on it, you have to declare a dividend/pay a salary etc.